14. Further provisions relating to the implementation of the procedure
described in this Article are set out in the Protocol on the excessive
deficit procedure annexed to this Treaty.
The Council shall, acting unanimously on a proposal from the
Commission and after consulting the European Parliament and the
ECB, adopt the appropriate provisions which shall then replace the
said Protocol.
Subject to the other provisions of this paragraph the Council shall,
before 1 January 1994, acting by a qualified majority on a proposal
from the Commission and after consulting the European Parliament,
lay down detailed rules and definitions for the application of the
provisions of the said Protocol.
CHAPTER 2
MONETARY POLICY
ARTICLE 105
1. The primary objective of the ESCB shall be to maintain price
stability. Without prejudice to the objective of price stabilty, the ESCB
shall support the general economic policies in the Community with a
view to contributing to the achievement of the objectives of the
Community as laid down in Article 2. The ESCB shall act in accordance
with the principle of an open market economy with free competition,
favouring an efficient allocation of resources, and in compliance with
the principles set out in Article 3a.
2. The basic tasks to be carried out through the ESCB shall be:
- to define and implement the monetary policy of the Community;
- to conduct foreign exchange operations consistent with the
provisions of Article 109;
- to hold and manage the official foreign reserves of the Member
States;
- to promote the smooth operation of payment systems.